BULSTAR
ActiveSummary
BULSTAR has been active since 1979 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€58,190) and a net result of €16,580. Equity is growing by ~15.4% per year across the filed fiscal years. Its solvency ranks better than 7% of 7564 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability83▲+9
Solvency0=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.72 against 0.63 in 2024; short-term debt: 138.9% and cash: 30.1% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-38.9%
Return on assets
11.1%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 7% of 7564 sector peers (2025).
NBB · sector comparisonPosition among 7564 sector peers
Solvency
better than 7%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-06-2026, 51 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
51 d early
2024
43 d early
2023
28 d late
2022
26 d early
2021
5 d early
2020
88 d late
2019
75 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 9 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
In the rankings
#3 oldest company in Retie, Construction sector
Equity
-€58,190▲ 22.2%
2024 · -€74,770
Total assets
€149,662▲ 7.9%
2024 · €138,695
Net result
€16,580▲ 199%
2024 · €5,541
Working capital
-€58,845▲ 24.9%
2024 · -€78,379
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€13,977▼ 73.8%€15,602▲ 11.6%€1,965▼ 87.4%€5,633▲ 187%€16,751▲ 197%
Net result€13,921within the sector's middle half▼ 73.8%€15,574within the sector's middle half▲ 11.9%€1,923within the sector's middle half▼ 87.7%€5,541within the sector's middle half▲ 188%€16,580within the sector's middle half▲ 199%
Equity-€97,809below the sector's middle half▲ 12.5%-€82,234below the sector's middle half▲ 15.9%-€80,311below the sector's middle half▲ 2.3%-€74,770below the sector's middle half▲ 6.9%-€58,190below the sector's middle half▲ 22.2%
Total assets€274,699within the sector's middle half▼ 0.8%€304,897above the sector's middle half▲ 11.0%€171,856within the sector's middle half▼ 43.6%€138,695within the sector's middle half▼ 19.3%€149,662within the sector's middle half▲ 7.9%
Debt€372,507▼ 4.2%€387,131▲ 3.9%€252,167▼ 34.9%€213,465▼ 15.3%€207,852▼ 2.6%
Working capital-€33,379▼ 6.4%-€14,852▲ 55.5%-€86,873▼ 485%-€78,379▲ 9.8%-€58,845▲ 24.9%
Solvency-35.6%below the sector's middle half▲ 4.7pp-27.0%below the sector's middle half▲ 8.6pp-46.7%below the sector's middle half▼ 19.8pp-53.9%below the sector's middle half▼ 7.2pp-38.9%below the sector's middle half▲ 15.0pp
Staff (FTE)11=1=1=
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 197% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €149,662
Fixed assets
€655 ▼ 81.8%
Current assets
€149,007 ▲ 10.3%
Key figures and ratios
EBITDA
€19,704▲
2024 · €8,586
Cash flow
€19,533▲
2024 · €8,494
Current ratio
0.72▲
2024 · 0.63
Quick ratio
0.45▲
2024 · 0.37
Debt to equity
-3.57▼
2024 · -2.85
ROA
11.1%▲
2024 · 4.0%
Interest coverage
114.86▲
2024 · 93.22
Debt ≤ 1 year
€207,852▼
2024 · €213,465
Staff costs
€28,125▲
2024 · €27,489
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,799 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 91% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
2.5%
went bankrupt
5.3%
stopped otherwise
91%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,799 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €4,043 | €12,602 | €26,259 | €27,489 | €28,125 | ▲ 2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,298 | €2,953 | €2,953 | €2,953 | €2,953 | = |
| Other operating charges640/8 | €774 | €507 | €868 | €720 | €675 | ▼ 6.3% |
| Gross operating margin9900 | €21,092 | €31,664 | €32,045 | €36,796 | €48,504 | ▲ 31.8% |
| Operating profit (loss)9901 | €13,977 | €15,602 | €1,965 | €5,633 | €16,751 | ▲ 197% |
| Financial income75/76B | - | - | €0 | €0 | €1 | - |
| Recurring financial income75 | - | - | €0 | €0 | €1 | - |
| Financial charges65/66B | €56 | €28 | €42 | €92 | €172 | ▲ 86.2% |
| Recurring financial charges65 | €56 | €28 | €42 | €92 | €172 | ▲ 86.2% |
| Profit (loss) for the period before taxes9903 | €13,921 | €15,574 | €1,923 | €5,541 | €16,580 | ▲ 199% |
| Profit (loss) for the period9904 | €13,921 | €15,574 | €1,923 | €5,541 | €16,580 | ▲ 199% |
| Profit (loss) for the period to be appropriated9905 | €13,921 | €15,574 | €1,923 | €5,541 | €16,580 | ▲ 199% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €274,699 | €304,897 | €171,856 | €138,695 | €149,662 | ▲ 7.9% |
| Fixed assets21/28 | €12,468 | €9,515 | €6,562 | €3,608 | €655 | ▼ 81.8% |
| Tangible fixed assets22/27 | €12,468 | €9,515 | €6,562 | €3,608 | €655 | ▼ 81.8% |
| Furniture and vehicles24 | €12,468 | €9,515 | €6,562 | €3,608 | €655 | ▼ 81.8% |
| Current assets29/58 | €262,231 | €295,382 | €165,294 | €135,087 | €149,007 | ▲ 10.3% |
| Stocks and contracts in progress3 | €56,645 | €56,645 | €56,645 | €56,257 | €55,811 | ▼ 0.8% |
| Stocks30/36 | €56,645 | €56,645 | €56,645 | €56,257 | €55,811 | ▼ 0.8% |
| Amounts receivable within one year40/41 | €2,769 | €22,757 | €17,131 | €16,199 | €47,596 | ▲ 194% |
| Trade receivables40 | €2,436 | €21,842 | €17,131 | €16,199 | €47,596 | ▲ 194% |
| Other amounts receivable41 | €333 | €915 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €202,817 | €215,468 | €90,981 | €62,069 | €45,033 | ▼ 27.4% |
| Deferred charges and accrued income490/1 | - | €512 | €537 | €562 | €567 | ▲ 0.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €274,699 | €304,897 | €171,856 | €138,695 | €149,662 | ▲ 7.9% |
| Equity10/15 | -€97,809 | -€82,234 | -€80,311 | -€74,770 | -€58,190 | ▲ 22.2% |
| Contributions10/11 | €49,579 | €49,579 | €49,579 | €49,579 | €49,579 | = |
| Reserves13 | €7,158 | €7,158 | €7,158 | €7,158 | €7,158 | = |
| Non-distributable reserves130/1 | €4,958 | €4,958 | €0 | - | - | - |
| Reserves not available under the articles1311 | €4,958 | €4,958 | €0 | - | - | - |
| Tax-exempt reserves132 | €2,200 | €2,200 | €2,200 | €2,200 | €2,200 | = |
| Distributable reserves133 | - | - | €4,958 | €4,958 | €4,958 | = |
| Profit (loss) carried forward14 | -€154,545 | -€138,971 | -€137,048 | -€131,507 | -€114,927 | ▲ 12.6% |
| Amounts payable17/49 | €372,507 | €387,131 | €252,167 | €213,465 | €207,852 | ▼ 2.6% |
| Amounts payable after more than one year17 | €76,897 | €76,897 | €0 | - | - | - |
| Financial debts170/4 | €76,897 | €76,897 | €0 | - | - | - |
| Amounts payable within one year42/48 | €295,610 | €310,234 | €252,167 | €213,465 | €207,852 | ▼ 2.6% |
| Trade debts44 | €165 | €1,763 | €459 | €506 | €667 | ▲ 32.0% |
| Suppliers440/4 | €165 | €1,763 | €459 | €506 | €667 | ▲ 32.0% |
| Taxes, remuneration and social security45 | €2,622 | €3,976 | €8,846 | €10,055 | €7,663 | ▼ 23.8% |
| Taxes450/3 | €900 | €300 | €2,958 | €3,007 | €3,019 | ▲ 0.4% |
| Remuneration and social security454/9 | €1,722 | €3,676 | €5,888 | €7,048 | €4,643 | ▼ 34.1% |
| Other amounts payable47/48 | €292,823 | €304,495 | €242,863 | €202,905 | €199,522 | ▼ 1.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,921 | €15,574 | €1,923 | €5,541 | €16,580 | ▲ 199% |
| + Depreciation and write-downs630 | €2,298 | €2,953 | €2,953 | €2,953 | €2,953 | = |
| Operating cash flow (approximation) | €16,219 | €18,527 | €4,876 | €8,494 | €19,533 | ▲ 130% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €12,651 | -€124,487 | -€28,912 | -€17,036 | ▲ 41.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
10-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
18-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 28 days late
2023
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
27-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 88 days late
2020
31-12
Financial
Back to profitnet €53,206
Net result €53,206 after 2 loss-making years.
14-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 75 days late
2019
04-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
01-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 1 day late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Retie · 1 establishment unit since 1979
Ground area
845 m²
Building footprint
93 m²
Volume, LiDAR
629 m³
Parcel 13036C0670/00V000, Flanders · tallest building 9.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
BULSTAR
since 19792.016.301.980
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13036C0670/00V000 | Flanders | 845 m² | 1 · 93 m² | 9.1 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2024 to 2025 · 2 entries · 112 EUR awarded · 238 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 112 EUR | 112 EUR |
| 2024 | 1 | 0 EUR | 126 EUR |
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 29,787 companies in sector 41001 we hold annual accounts for 16,052. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded22-06-1979
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
47551Retail sale of household furniture
41002Construction of residential and non-residential buildings
41003General construction of other non-residential buildings
43331Floor and wall tiling
E-invoicing
Reachable via Peppol
Peppol ID
0208:0419661095
Also
9925:BE0419661095
Registered
21-03-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.